Old Mutual has received new approaches for its $900m controlling stake in its US asset management business, from potential buyers including China’s HNA Group, TPG and Advent.
The UK-listed insurer held preliminary talks with the Chinese conglomerate as well as the two US private equity groups but has failed thus far to forge a path to a definitive agreement, according to four people briefed about the discussions.
Instead of engaging the potential bidders, the insurer sold down part of its 66 per cent stake in Old Mutual Asset Management (OMAM) to 51 per cent on the open market in December, a move that has frustrated the buyers and could jeopardise a future deal.
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